Word: downturn
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...flaws in the proposal, children's advocates insist, are many and terrifying. By allocating money to the states in block grants, for instance, an unexpected economic downturn in one region could have catastrophic effects. "If the wheat crop is bad one year or Boeing lays off 5,000 people," says the Rev. Sam Muyskens, executive director of the Inter-Faith Ministries in Wichita, Kansas, "there will be more hungry children but no more money available to feed them." Muyskens' organization administered a recent survey that found that 1 in 22 children in Kansas should be classified as hungry. Republican lawmakers...
Then things changed. In May 1993 Perez was impeached for corruption involving the misuse of public funds; he is currently on trial. In early 1993 the economy also took a sharp downturn. The crunch hit hardest at real- estate and construction companies. As they started to default, the banks attempted to compensate by offering sky-high interest rates--up to 18 percentage points above going levels--to attract new depositors and fresh funds. The most aggressive was Banco Latino. Within weeks of Banco Latino's takeover by the government, arrest warrants were issued for 82 of its directors and managers...
...there is no bailout, Mexico is likely to face further destabilization--as may Latin America as a whole. Already the uncertainty about Washington's course of action is accelerating the Mexican economy's downturn. Some 4,000 businesses closed in the first four weeks of 1995 because of high interest rates, lack of sales and tight credit since the peso crash. Predictions of the annual inflation rate for 1995 run to 20% or more, and many economists expect the economy to shrink at least 2%, even if the U.S. guarantee is approved. Government and private analysts contend that while direct...
...January, however, a downturn began. The return fell to 1 percent in the third quarter of fiscal 1994, and in the last quarter it rebounded only slightly for a .8 percent gain...
This past downturn in the economy hit African Americans disproportionately hard, according to a report by the General Accounting Office. Blacks were 15 percent more likely than whites to lose their jobs. Asians experienced the lowest layoff risk. Once African-Americans lost their jobs, they were unemployed slightly longer than workers in other racial groups. And when they were re-employed, they had to take a 10.1 percent salary cut -- the highest of any racial or ethnic category...